River Ridge approves $2.5 million tax‑exempt term note amid monument cost increase
The board authorized a Gulf Coast Business Bank tax‑exempt term note for $2,500,000 on May 26, noting a verbal bid increase for four monuments from $250,000 to $631,000; approval was subject to amending the acceleration clause and finalizing documents.
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The River Ridge board voted unanimously to approve a Gulf Coast Business Bank tax‑exempt term note financing $2,500,000, subject to an amendment to the acceleration clause and final documentization. The action was taken after staff reported a verbal increase in the monuments bid that raised concern about the sufficiency of the originally proposed term note.
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